Europe is set to enter the heating season with the lowest gas storage levels in at least 15 years, threatening higher prices for businesses and households this winter.
Storage facilities in the EU are forecast to end the critical gas restocking season, which typically runs between April and October, only 76 per cent full, according to the consultancy Wood Mackenzie. That would be the lowest peak for stored gas since at least 2011, according to data from Gas Infrastructure Europe.
The low levels come after the US-Iran war cut off shipments of liquefied natural gas through the Strait of Hormuz, through which a fifth of the world’s supplies are normally transported, and reduced production from Qatar and the United Arab Emirates.
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